Industry
Consumers can now get insurance quotes online at avivacanada.com. “The new capability connects consumers to a local broker of their choosing (where available) and allows them to obtain a no-obligation insurance quote for their home or vehicle, all from the comfort of their home,” Aviva Canada says in a press release. “Offering an online quote […]
By Canadian Underwriter | May 12, 2011
1 min read
The Canadian Council of Insurance Regulators (CCIR) has created a Disciplinary Information Committee that will publish disciplinary data from regulators across Canada.The committee will look into ways to make disciplinary data across the country available and accessible from a central source and present recommendations to CCIR, according to notes from CCIR’s spring meeting.The committee’s first […]
Regulatory requirements for captives located in the European Union are certain to increase dramatically – as much as three- to fourfold – under Solvency II, warns A.M. Best.In its report, Solvency II to Transform the EU Captive Industry, A.M. Best notes many captive owners will have to commit more capital to their captives under Solvency […]
British Columbia’s Financial Institutions Commission (FICOM) requires provincially incorporated insurers to conduct dynamic capital adequacy tests (DCAT) in no more than three-year intervals.The Office of the Superintendent of Insurance (OSFI), on the other hand, requires federally regulated insurers to prepare a DCAT annually under its Guideline E-18.”It is FICOM’s expectation that the frequency of preparation […]
By Canadian Underwriter | May 11, 2011
Fairfax has seen a drop in its Q1 earnings, going from a profit of $419.3 million in 2010 Q1 to a net loss of $239.5 million in 2011 Q1.The company cites catastrophe losses of $418.4 million – $311.3 million arising from the Japan earthquake – and investment losses of $101.5 million as major contributors to […]
Cunningham Lindsey Canada has announced a series of appointments, including vice president of business development and two branch manager positions.Michael Butler joins CLC as vice president of national business development. Butler has more than 20 years of insurance marketing and sales experience in the property and casualty industry, a CLC release. Matthew Comiskey joins CLC […]
Co-operators General Insurance Company posted a consolidated net income of $25.8 million in 2011 Q1, compared to $31.8 million for the same quarter in 2010.”Earnings in the first quarter were positively impacted by strong results in the home insurance portfolio and improving claims experience related to the Ontario auto insurance market,” Kathy Bardswick, president and […]
By Canadian Underwriter | May 10, 2011
Munich Re posted a consolidated loss of €948 million ($1.4 billion) for 2011 Q1, due to exceptionally high costs for natural catastrophes. Despite the loss in the first quarter, Munich Re still expects to record a profit for the current financial year. Reinsurance losses arising from natural catastrophes totaled €2.7 billion ($3.9 billion) from January […]
Swiss Re reported a net loss of $665 million for 2011 Q1, compared to a profit of $158 million in the same period of 2010. A very high level of natural catastrophe claims affected the reinsurer’s property and casualty segment, including the earthquakes in Japan and New Zealand, as well as the floods in Australia.Swiss […]
Driver actions are a contributing factor in 63% of all police-attended crashes involving injuries and fatalities in British Columbia, according to the Insurance Corporation of British Columbia (ICBC). Seventy-six thousand people, on average, are injured in crashes every year in the province. During the month of May, the province, police and ICBC are holding a […]
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